Adams Wealth Management Increases Stock Position in MGIC Investment Co. (NYSE:MTG)

Adams Wealth Management boosted its position in shares of MGIC Investment Co. (NYSE:MTG) by 10.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,474 shares of the insurance provider’s stock after purchasing an additional 11,384 shares during the period. Adams Wealth Management’s holdings in MGIC Investment were worth $2,880,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bridgewater Associates LP raised its position in shares of MGIC Investment by 3.7% in the 4th quarter. Bridgewater Associates LP now owns 31,352 shares of the insurance provider’s stock valued at $743,000 after purchasing an additional 1,110 shares in the last quarter. Ontario Teachers Pension Plan Board increased its stake in shares of MGIC Investment by 24.0% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 69,976 shares of the insurance provider’s stock worth $1,659,000 after buying an additional 13,564 shares during the last quarter. XTX Topco Ltd acquired a new stake in MGIC Investment in the fourth quarter valued at $1,038,000. Barclays PLC boosted its stake in MGIC Investment by 123.5% during the 4th quarter. Barclays PLC now owns 1,023,175 shares of the insurance provider’s stock valued at $24,260,000 after acquiring an additional 565,469 shares during the last quarter. Finally, Bragg Financial Advisors Inc grew its holdings in MGIC Investment by 0.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 907,220 shares of the insurance provider’s stock worth $21,510,000 after acquiring an additional 2,966 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Stock Up 1.6 %

MGIC Investment stock opened at $24.32 on Tuesday. The firm has a market capitalization of $5.90 billion, a P/E ratio of 8.39 and a beta of 0.93. The company has a 50-day simple moving average of $23.99 and a 200-day simple moving average of $24.54. MGIC Investment Co. has a one year low of $19.26 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, equities analysts expect that MGIC Investment Co. will post 2.71 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a yield of 2.14%. MGIC Investment’s dividend payout ratio (DPR) is presently 17.93%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MTG shares. Barclays upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods reduced their target price on MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. UBS Group upped their price target on MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $27.00 price objective (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $26.50.

Insider Transactions at MGIC Investment

In related news, CAO Julie K. Sperber sold 4,600 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total value of $112,930.00. Following the completion of the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. This represents a 5.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.05% of the company’s stock.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.